Millions of student loan borrowers who enrolled in a generous repayment plan that was introduced during the Biden administration will soon have interest start collecting again on their accounts as the Trump administration reverses course on many of his predecessor’s policies and emphasizes a return to repayment. The Education Department said on Wednesday it would resume applying interest on Aug. 1 to federal student loans of nearly 8 million borrowers who enrolled in the SAVE plan created during President Joe Biden’s term that has been mostly held up in court challenges. Most of the SAVE plan has been blocked by courts since it was unveiled, giving borrowers lower monthly payments and making it easier to qualify for forgiveness. It lowered payments to as little as $0 for some and granted forgiveness for smaller balances in as few as 10 years, half the time of the preexisting 20- to 25-year timeline. Read more: https://abcnews4.com/news/nation-world/millions-of-student-loan-borrowers-to-have-interest-restart-on-their-accounts-save-plan-education-department-forbearance-grace-period# ____________________ ABC News 4 (WCIV-TV) covers local news, weather, sports and more in the Charleston, South Carolina metro area and surrounding communities. Website - https://abcnews4.com Facebook - https://www.facebook.com/abcnews4 Twitter - https://twitter.com/abcnews4 Instagram - https://www.instagram.com/abcnews4/ Download our iOS Apps: News - https://apps.apple.com/us/app/abc-news-4/id392354636 Weather - https://apps.apple.com/us/app/abc-news-4-storm-tracker/id416558260 Download our Android Apps: News - https://play.google.com/store/apps/details?id=com.cellit.cellitnews.wciv Weather - https://play.google.com/store/apps/details?id=com.wciv.android.weather Submit news tips: desk@wciv.com Submit photo/video: https://abcnews4.com/chimein #trending #topstories #college #loan #loans #studentloans #trump #trumpadministration #onebigbeautifulbill #studentloandebt #collegesavings #university #tuition